Here are Tuesday’s biggest analyst calls, Wall Street’s biggest calls: BTIG downgrades Snowflake to buy-neutral BTIG downgraded the stock after its spot checks showed slowing growth and increasing competition for the cloud company. “We are downgrading SNOW to Neutral from Buy. In short, our recent field reviews have been reduced and we see the potential for product revenue growth to slow in the coming quarters.” Read more about this call here. BMO Initiates Constellation Brands Outperform BMO said it sees upside to revenue guidance and EPS growth for the beverage giant. “We believe STZ is an attractive investment with favorable risk/reward as it balances a solid multi-year growth outlook with a valuation discount to peers that is too wide.” Read more about this call here. Morgan Stanley reiterates Tesla is overweight Morgan Stanley said Tesla is in a unique competitive position. The firm also added that potential legislation like the Inflation Act, “while widely perceived as positive for the broader EV complex, is much more complicated beneath the surface.” “Tesla is the most ‘American’ car company. Based on FY21 model year data from AALA, Tesla’s US sales are 62% made in the US/Canada, followed by Honda (yes, Honda) at 55% and Stellantis at 46%.” KeyBanc echoes Apple, as overweight KeyBanc raised its price target on Apple to $177 per share from $173 and said it sees the company taking more share.“Most importantly, AAPL’s installed base of active customers was at an all-time high all-time across all major product categories and geographies, meaning AAPL can grow in a soft macro environment by taking share.” Cowen Downgrades Farfetch to Market Perform from Outperform Cowen said in downgrading the online luxury platform company , that he sees a “lack of upside to the outlook.” “We value FTCH’s long-term growth prospects as a capital light market, brand owner, retailer and software solutions provider; but we are downgrading to market perform as a lack of upside to forecasts is likely as FTCH works on profitability, customer retention/acquisition, navigates a promotional environment and faces short-term Russia/China risks.” Deutsche Bank Downgrades cracker barrel rating to hold from purchase Deutsche said too many older diners are still shying away from dining out0 “At the same time, and in addition, an industry-wide labor and commodity inflation environment is worse than we expected (for everyone) and it feels fair to say that CBRL is not navigating this dynamic very well (compared to competitors).” Oppenheimer Names Global Payments Top Pick Oppenheimer named the payments network company a top pick and said it expects pricing strength and solid earnings growth for the stock “We are attracted to GPN’s business model of high recurring revenue , long-term contracts and predictable earnings/FCF.” Susquehanna upgrades Pinterest from neutral to positive al Susquehanna said it has a favorable risk/reward outlook on the stock after Pinterest reports earnings. “While the fundamentals are still a little shaky and there’s a lot of work to be done, we believe the new CEO and activist oversight, combined with doable scares and a modest valuation, have skewed the risk/reward to the upside.” William Blair relaunched Wayfair as outperform William Blair renewed coverage of Wayfair ahead of Thursday’s earnings and said he sees a risk of “slowing sales.” “Based on our analysis of digital demand trends, the broader presence of online furniture and home space, competitor performance and a tense international environment, we see a risk of a decline in print sales.” Goldman Sachs initiates Ross and Burlington purchase . Goldman said in Burlington’s initiation that it sees a “significant re-rating of the stock.” The firm also initiated Ross and said the company could earn a stake. “We see opportunities for ROST to gain market share as it increasingly benefits from trade-down among its core lower-income consumers following initial demand shocks… We see strategic merit in BURL’s strategic transformation driven by a buying environment with better resources, improvements to the store fleet (including the rollout of small stores) and evidenced by signs of improving brand momentum among consumers.” Read more about this call here. Benchmark initiates the purchase of Chesapeake Benchmark said in the company’s opening of hydrocarbon research that the stock is undervalued. “CHK choreographed its exit from bankruptcy to pursue a long-term capital return model that is not fully priced into the company’s discount factor to the mining and extraction sector and other gas stocks.” Cowen downgrades Teladoc to market perform from outperform Cowen said in the downgrade of k ompany for telehealth that it sees too many macro obstacles. “We believe TDOC will likely be challenged to achieve 2022 guidance, with 2023 cons adj. EBITDA is probably at risk.”
Tesla, Apple, Snowflake, Ross, Pinterest
